HyENA Trade: the underfarmed perpetual DEX built on Hyperliquid

🚨 HyENA Trade: an underfarmed perps DEX (for now)

In crypto, there is a pattern that repeats over and over again:

When a DEX starts gaining traction, shows real usage and still has low competition, the edge is entering early, not later.

That’s exactly what is happening right now with HyENA Trade.

Despite being live for just over a month, it remains significantly underfarmed compared to other perpetual DEXs.

🔍 What is HyENA Trade?

HyENA Trade is an onchain perpetual futures DEX built on Hyperliquid (HIP-3) and backed by Ethena Labs.

For such a young protocol, the metrics are already solid:

Over $500M in cumulative volume
Steady growth in open interest
Real trading activity, not just artificial farming

This is not an early experiment with no users. It’s a working product that hasn’t reached saturation yet.

🧠 What really makes it different

The key difference is not just trading perps, but how collateral is used.

Trades are margined with USDe, and once positions remain open for more than one hour, the collateral starts generating yield.

Around 12% APR
Capital is not idle
You earn yield while trading

This dramatically improves capital efficiency compared to other perps DEXs.

🌱 Multi-layer farming without changing your strategy

By farming HyENA, you gain exposure to multiple layers at once:

HyENA points
100M points distributed weekly for 6 months
Direct exposure to the Ethena ecosystem
Points convert into Ethena Points
Indirect Based farming
Potential Hyperliquid Season 3
As a HIP-3 project

All of this happens without altering your usual trading workflow.

👀 Why it’s still interesting now

Because real competition remains low.

We’re not talking about hundreds of thousands of wallets, but only a few thousand active users. This still allows strong positioning with relatively modest capital if you trade smartly.

These windows rarely stay open for long.

⚠️ Real risks (important)

HyENA is not a blind farming play.

It is still perpetual trading, which means:

Leverage can wipe you out
Some pairs have lower liquidity
Active risk management is required
This is not passive yield

That’s also why it remains undervalued.

🧩 My personal approach

My strategy is simple:

Generate volume responsibly
Use hedging to reduce exposure
Earn yield with USDe
Let points accumulate over time

Consistency beats overtrading.

🎁 Will HyENA have a token?

There is no confirmed HyENA token.

What we do know:

Points convert into Ethena Points
Ethena has a strong track record of rewarding active users
Being positioned early usually makes the difference

🔗 Access link

If you want to check it out with no commitment:

👉 https://app.hyena.trade/ref/CONCO

If you use the link, thank you 💙
And feel free to share your experience.